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Financial knowledge is important for later-in-life divorces

On Behalf of | Feb 26, 2018 | Divorce

The rate of divorce for Americans over 50 has more than doubled in the past 25 years. It’s important to note that this rate is continuing to move upward for couples throughout Ohio and the rest of the nation. While divorce always involves an array of practical, emotional and financial challenges, the process can be even more difficult for older couples who have been married for a long time.

Many people who choose divorce later in life have accumulated substantial assets, including investments, real estate, retirement funds and other property. In order to best proceed with negotiations in a high-asset divorce, it’s important to have a comprehensive picture of the couple’s finances. Each divorcing spouse can bring their family law attorney a full inventory of all of their assets, including both individual property like inheritances and joint property such as real estate.

Prior employment records can also be critical to fully understanding the financial framework of the divorcing couples. Past jobs can be the source of a number of relevant assets, including stock options, defined benefit plans and pension accounts. In addition, spousal support for later-in-life divorces can be uniquely complex. To protect against the financial ramifications if the alimony-paying spouse dies, the lower-earning spouse should be named both the owner and beneficiary of a life insurance contract.

A family law attorney can be a critical ally and representative throughout the divorce process. If necessary, the lawyer could work vigorously to protect the client’s interests and achieve a fair, just settlement.